Investment Plans 283 views May 18, 2020

ABSLI Income Assured Plan

It is very necessary that you must secure the financial risk of your future because some kind of uncertainties always slow down your speed and your future dreams remain unfulfilled. Therefore, making an investment would be a better option than just saving money because investment gives you a handsome return. So, if you are really worried about your future then you must invest in the ABSLI Income Assured Plan because it accumulates all the premiums and after the expiry of the policy term, it gives you a regular income in return. This plan provides financial protection to your family and loved ones. So you must explore all the details of this policy and see how it will benefit you in your future.

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Key Features of ABSLI Income Assured Policy

  1. This plan includes death benefits so that you can cover the risk of your loved ones.
  2. You will get 8% of the Sum Assured as the monthly income after the expiry of premium paying term till maturity.
  3. Flexibility of choosing the premium paying term.
  4. Various Modes for the payment of premium-like monthly, quarterly, half-yearly, and yearly.
  5. As per Section 80C of the Income Tax Act 1961 you are allowed to take deductions.

Benefits of the Income Assured Plan

Now, you must see some of the key benefits of this policy and see how it will help you during your lifetime. If you are planning to buy this plan then you must dig deep into the benefits of this plan.

Assured Income Benefit

You are eligible to receive an income benefit of 8% of the Sum Assured every month once you survive the premium paying term. The assured income benefit is paid after the expiry of the premium paying term up to the maturity of the policy. There are two options for taking the Assured Income Benefit and you will have to decide at the time of inception of the policy.

Option A

In this option, you will receive a monthly income after the expiry of the premium paying term and up to the maturity of the policy term.

Option B

In this option of the ABSLI Income Assured Plan, you will receive a lump sum amount of money at the end of the policy term or death whichever is earlier. Your accrued income after the completion of the premium paying term until the maturity will increase by the following percentage.

  1. In the Policy Term of 15 Years, 17 Years, and 20 years the percentage of the accrued assured income will be 137.5%.
  2. In the Policy Term of 22 Years and 25 years, the percentage of the accrued assured income will be 175%.

Guaranteed Additions

A Guaranteed Addition will be added into your policy every quarter after the completion of the premium paying term until maturity. The amount of the Guaranteed addition will be one-fourth of the per annum rate. You can see the percentage of sum assured for various premium paying terms for the guaranteed additions per annum.

  1. 7% as the guaranteed additions per annum for the premium paying term of 5 years.
  2. 8.5% as the guaranteed additions per annum for the premium paying term of 7 years.
  3. 10% as the guaranteed additions per annum for the premium paying term of 10 years.

Death Benefit

In the case of the sudden death of the insured during the policy term, the nominee is entitled to receive the following sum of money.

  1. Sum Assured on Death.
  2. Guaranteed Additions Accrued until death.

The Value of the Sum Assured will be the highest of the following:-

  1. Sum Assured to be paid at the time of the death.
  2. 10 Times of the Annualized Premium.
  3. 105% of all the premiums paid until the time of death.

Maturity Benefit

If in case the insured survives the policy term then he will receive the following sum of money:-

  1. Sum Assured
  2. Guaranteed Additions accrued up to the date of maturity.

The ABSLI Income Assured Plan will be terminated after the payment of the maturity benefits.

Additional Coverage Benefits

You can take extra coverage of the risks under the same plan by paying a nominal amount of extra premiums. There are rider options that you can add in this policy and enhance your coverage. So you can see the types of riders you can add in the Income Assured Plan

  1. Accidental Death and Disability Rider
  2. Critical Illness Rider
  3. Surgical Care Rider
  4. Waiver of Premium Rider
  5. Accidental Death Benefit Rider Plus
  6. Hospital Care Rider

Reduced Premium Benefits

If you discontinue paying the amount of premium after paying it for 2 years regularly then your policy will not lapse. The company will decrease the amount of premium and in the proportion of the premium your Sum Assured, Sum Assured on Death, Income Assured Benefits will also be reduced.

Surrender Benefits

After the payment of premiums for 2 full years, you can surrender the policy and take the sum of money. The surrender value will depend on the premium paying term and the time when the policy is surrendered. Your surrender value will be calculated as:-

Percentage of Total Premiums Paid + Percentage of Guaranteed Addition – Assured Income Already Paid.

Policy Loan Benefits

If your ABSLI Income Assured Plan has a certain amount of surrender value then you can take a loan against the policy in case of an emergency. The minimum amount of the loan is ₹5000 with a maximum of 85% of the surrender value. The company will charge the interest on the outstanding loan amount at the prevailing rate.

About ABSLI Income Assured Plan

ParticularsDetails
Minimum Age of Entry8 Years
Maximum Age of Entry60 Years (with a maximum of 75 years attained age at the end of the policy term)
Premium Paying Term5 Years for the Policy Term of 15 Years
7 Years for the Policy Term of 17 Years and 22 Years
10 Years for the Policy Term of 20 Years and 25 Years
Minimum Premium Paying TermMinimum of 18 years attained age at the end of the policy term.
Maximum Premium Paying TermMaximum of 75 years attained age at the end of the policy term
Minimum Sum Assured1 Lac
Maximum Sum AssuredNo Limit
Premium Paying FrequencyMonthly, Quarterly, Semi-Annually, Annually

Reasons for Choosing Aditya Birla Sun Life Insurance

  1. This company gives you a lookup period of 15 days.
  2. If you are unable to pay the amount of premium then the company gives a grace period of 30 days.
  3. You can Compare the policies only and but the best plan.
  4. Health Insurance, Term Insurance, and Investment Insurance are available under one roof.
  5. High Claim Settlement Ratio.

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